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Career and Education Opportunities for Financial Examiners in Detroit, Michigan

Financial examiner career and educational opportunities abound in Detroit, Michigan. The national trend for financial examiners sees this job pool growing by about 41.2% over the next eight years. Financial examiners generally enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions.

Financial examiners earn about $32 hourly or $66,650 yearly on average in Michigan and about $34 hourly or $70,930 per year on average nationally. Incomes for financial examiners are better than in the overall category of Accounting and Auditing in Michigan, and better than the overall Accounting and Auditing category nationally. Jobs in this field include: compliance manager, compliance coordinator, and home mortgage disclosure act specialist .

The Detroit area is home to seventy-three schools of higher education, including fourteen within twenty-five miles of Detroit where you can get a degree as a financial examiner. Financial examiners usually hold a Bachelor's degree, so you can expect to spend about four years studying to be a financial examiner if you already have a high school diploma.

CAREER DESCRIPTION: Financial Examiner

Financial Examiner video from the State of New Jersey Dept. of Labor and Workforce Development

In general, financial examiners enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. They also may examine, verify correctness of, or establish authenticity of records.

Every day, financial examiners are expected to be able to think through problems and come up with general rules. They need to articulate ideas and problems. It is also important that they listen to and understand others in meetings.

It is important for financial examiners to formulate and review work of assigned subordinates. They are often called upon to investigate efforts of institutions to enforce laws and regulations and to insure legality of transactions and operations or financial solvency. They also inspect balance sheets, operating income and expense accounts, and loan documentation to confirm institution assets and liabilities. They are sometimes expected to recommend actions to insure adherence to laws and regulations, or to safeguard solvency of institutions. Somewhat less frequently, financial examiners are also expected to evaluate data processing applications for institutions under examination to evolve recommendations for coordinating existing systems with examination procedures.

Financial examiners sometimes are asked to train other examiners in the financial examination process. They also have to be able to inspect audit reports of internal and external auditors to track adequacy of scope of reports or to discover specific weaknesses in internal routines and inspect and analyze new, proposed, or revised laws, regulations and procedures to interpret their meaning and decide on their impact. And finally, they sometimes have to establish guidelines for procedures and policies that comply with new and revised regulations and direct their implementation.

Like many other jobs, financial examiners must have exceptional integrity and be thorough and dependable.

Similar jobs with educational opportunities in Detroit include:

  • Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
  • Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
  • Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
  • Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
  • Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
  • Financial Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
  • Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
  • Loan Counselor. Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
  • Loan Officer. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
  • Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.
  • Real Estate Appraiser. Appraise real property to determine its value for purchase, sales, or loan purposes.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Financial Examiner Training

University of Michigan-Ann Arbor - Ann Arbor, MI

University of Michigan-Ann Arbor, , Ann Arbor, MI 48109. University of Michigan-Ann Arbor is a large university located in Ann Arbor, Michigan. It is a public school with primarily 4-year or above programs. It has 40,618 students and an admission rate of 42%. University of Michigan-Ann Arbor has a master's degree program in Accounting which graduated fifty-four students in 2008.

University of Michigan-Dearborn - Dearborn, MI

University of Michigan-Dearborn, 4901 Evergreen Rd, Dearborn, MI 48128-1491. University of Michigan-Dearborn is a medium sized university located in Dearborn, Michigan. It is a public school with primarily 4-year or above programs. It has 8,311 students and an admission rate of 61%. University of Michigan-Dearborn has a bachelor's degree and a master's degree program in Accounting which graduated fifty-eight and twelve students respectively in 2008.

Wayne State University - Detroit, MI

Wayne State University, 656 West Kirby Street, Detroit, MI 48202. Wayne State University is a large university located in Detroit, Michigan. It is a public school with primarily 4-year or above programs. It has 31,025 students and an admission rate of 79%. Wayne State University has 2 areas of study related to Financial Examiner. They are:

  • Accounting, bachelor's degree, postbaccalaureate certificate, and master's degree which graduated ninety-three, three, and twenty-five students respectively in 2008.
  • Taxation, master's degree which graduated 5 students in 2008.

Eastern Michigan University - Ypsilanti, MI

Eastern Michigan University, , Ypsilanti, MI 48197. Eastern Michigan University is a large university located in Ypsilanti, Michigan. It is a public school with primarily 4-year or above programs. It has 22,137 students and an admission rate of 75%. Eastern Michigan University has a bachelor's degree and a master's degree program in Accounting which graduated two and seventy-one students respectively in 2008.

Baker College of Allen Park - Allen Park, MI

Baker College of Allen Park, 4500 Enterprise Dr, Allen Park, MI 48101. Baker College of Allen Park is a small college located in Allen Park, Michigan. It is a private not-for-profit school with primarily 4-year or above programs and has 2,548 students. Baker College of Allen Park has an associate's degree and a bachelor's degree program in Accounting which graduated fifteen and ten students respectively in 2008.

Baker College of Auburn Hills - Auburn Hills, MI

Baker College of Auburn Hills, 1500 University Dr, Auburn Hills, MI 48326-2642. Baker College of Auburn Hills is a small college located in Auburn Hills, Michigan. It is a private not-for-profit school with primarily 4-year or above programs and has 3,848 students. Baker College of Auburn Hills has an associate's degree and a bachelor's degree program in Accounting which graduated twenty-four and thirteen students respectively in 2008.

Cleary University - Ann Arbor, MI

Cleary University, 3601 Plymouth Rd, Ann Arbor, MI 48105-2659. Cleary University is a small university located in Ann Arbor, Michigan. It is a private not-for-profit school with primarily 4-year or above programs and has 723 students. Cleary University has a bachelor's degree and a master's degree program in Accounting which graduated eight and zero students respectively in 2008.

Baker College of Clinton Township - Clinton Township, MI

Baker College of Clinton Township, 34950 Little Mack Ave, Clinton Township, MI 48035. Baker College of Clinton Township is a medium sized college located in Clinton Township, Michigan. It is a private not-for-profit school with primarily 4-year or above programs and has 5,666 students. Baker College of Clinton Township has an associate's degree and a bachelor's degree program in Accounting which graduated twenty-three and seventeen students respectively in 2008.

Oakland University - Rochester Hills, MI

Oakland University, , Rochester Hills, MI 48309-4401. Oakland University is a large university located in Rochester Hills, Michigan. It is a public school with primarily 4-year or above programs. It has 18,169 students and an admission rate of 78%. Oakland University has a bachelor's degree and a master's degree program in Accounting which graduated zero and thirty-seven students respectively in 2008.

University of Detroit Mercy - Detroit, MI

University of Detroit Mercy, 4001 W McNichols Rd, Detroit, MI 48221-3038. University of Detroit Mercy is a medium sized university located in Detroit, Michigan. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,725 students and an admission rate of 64%. University of Detroit Mercy has a bachelor's degree program in Accounting which graduated seven students in 2008.

Madonna University - Livonia, MI

Madonna University, 36600 Schoolcraft Rd, Livonia, MI 48150-1176. Madonna University is a small university located in Livonia, Michigan. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,015 students and an admission rate of 76%. Madonna University has a bachelor's degree program in Accounting.

Rochester College - Rochester Hills, MI

Rochester College, 800 W Avon Rd, Rochester Hills, MI 48307. Rochester College is a small college located in Rochester Hills, Michigan. It is a private not-for-profit school with primarily 4-year or above programs. It has 883 students and an admission rate of 83%. Rochester College has a bachelor's degree program in Accounting which graduated one student in 2008.

Walsh College of Accountancy and Business Administration - Troy, MI

Walsh College of Accountancy and Business Administration, 3838 Livernois, Troy, MI 48083-5066. Walsh College of Accountancy and Business Administration is a small college located in Troy, Michigan. It is a private not-for-profit school with primarily 4-year or above programs and has 3,109 students. Walsh College of Accountancy and Business Administration has 2 areas of study related to Financial Examiner. They are:

  • Accounting, bachelor's degree and master's degree which graduated seventy-seven and ninety-two students respectively in 2008.
  • Taxation, master's degree which graduated 25 students in 2008.

University of Phoenix-Metro Detroit Campus - Troy, MI

University of Phoenix-Metro Detroit Campus, 5480 Corporate Drive Suite 240, Troy, MI 48098-2623. University of Phoenix-Metro Detroit Campus is a small university located in Troy, Michigan. It is a private for-profit school with primarily 4-year or above programs and has 1,995 students. University of Phoenix-Metro Detroit Campus has a bachelor's degree program in Accounting which graduated twelve students in 2008.

CERTIFICATIONS

Certified Forensic Accountant: Forensic accountants are professionals who use a unique blend of education and experience to apply accounting, auditing, and investigative skills to uncover truth, form legal opinions, and assist in investigations.

For more information, see the American College of Forensic Examiners website.

Associate in Premium Auditing: The Associate in Premium Auditing program provides a sold foundation in essential auditing, accounting, and insurance principles.

For more information, see the American Institute for CPCU and Insurance Institute of America website.

Risk Management for Public Entities: Understand the unique nature of the public sector.

For more information, see the American Institute for CPCU and Insurance Institute of America website.

Certified Treasury Professional Associate: We recognize the accomplishments of these full-time students who successfully completed the Corporate Treasury Management program at their college/university and passed the CTP exam to earn the Certified Treasury Professional Associate credential.

For more information, see the Association for Financial Professionals website.

Certified Fraud Examiner: The ACFE established and administers the Certified Fraud Examiner (CFE) designation.

For more information, see the Association of Certified Fraud Examiners website.

Certified Bank Auditor: The purpose of BAI Center for Certification - Certified Bank Auditor® (CBA) Continuing Professional Education (CPE) Program is to promote professional development and to provide a means for recognizing CBAs to keep current with industry changes or furthering their own development in banking, technology, auditing, or other disciplines that contribute to a CBA?s growth and development.

For more information, see the BAI Center for Certification website.

International Certificate in Banking Risk and Regulation: The role of risk management is becoming more important as both banks and supervisors around the world increasingly recognize that sound risk management practices are vital, not only for the success of individual banks, but also for the banking system as a whole.

For more information, see the Global Association of Risk Professionals website.

Certified IRA Services Professional: Applicable to financial services professionals who have dedicated IRA operational and technical experience.

For more information, see the Institute of Certified Bankers website.

Accredited Insurance Examiner: An Accredited Insurance Examiner (AIE) is awarded to insurance regulatory professionals who have been extensively trained in one of two primary fields of insurance regulation, Property and Casualty or Life and Health.

For more information, see the Insurance Regulatory Examiners Society website.

Certified Investment Management Analyst: The CIMA offers an intense educational experience focusing on asset allocation, manager search and selection, investment policy and performance measurement.

For more information, see the Investment Management Consultants Association website.

Economic Development Finance Professional: In NDC's EDFP Certification Program you will build the capacity to translate development opportunities into results for their communities.

For more information, see the The National Development Council website.

LOCATION INFORMATION: Detroit, Michigan

Detroit, Michigan
Detroit, Michigan photo by Durova

Detroit is located in Wayne County, Michigan. It has a population of over 912,062, which has shrunk by 4.1% in the past ten years. The cost of living index in Detroit, 86, is well below the national average. New single-family homes in Detroit are priced at $108,900 on average, which is well below the state average. In 2008, eighty-five new homes were built in Detroit, down from one hundred fifty-four the previous year.

The three big industries for women in Detroit are health care, educational services, and transportation equipment. For men, it is transportation equipment, construction, and administrative and support and waste management services. The average commute to work is about 28 minutes. More than 11.0% of Detroit residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 4.2%, is lower than the state average.

The unemployment rate in Detroit is 27.0%, which is greater than Michigan's average of 14.3%.

The percentage of Detroit residents that are affiliated with a religious congregation, 37.7%, is less than both the national and state average. The most common religious groups are the Catholic Church, the Muslim Estimate and the Lutheran Church.

Detroit is home to the Memorial Park Marina and the Detroit Golf Club as well as Chene Park and Mallett Playground. Visitors to Detroit can choose from Corktown Inn, Clark's Motel and Days Inn of Downtown Detroit for temporary stays in the area.